GST RETURN FILING

A GST return is a document that contains details of all the sales, purchases, and taxes (both input and output) that a GST-registered business needs to file with the tax authorities. It helps the authorities to calculate the net tax liability of the business. The returns include information such as output tax (sales tax collected), input tax (tax paid on purchases), and other necessary details to calculate tax liabilities or refunds. Filing GST returns accurately ensures compliance with the tax laws, helps avoid penalties, and maintains proper records for auditing purposes.

Steps Involved in Filing of GST returns

• Login to the GST portal
• Select the appropriate month and return type
• Then provide and fill all the details 
• File the return either by OTP or by EVC method

Now let's discuss in detail the steps to be involved in Filing of GST returns:

Firstly, obtain GST registration upon which you will receive a unique GSTIN (GST Identification Number), required to file the GST returns. Afterwards, choose the appropriate GST return/ forms to be filed depending on your business type, turnover, and the tax period.

• GSTR-1: For details of outward supplies (sales) made.
• GSTR-2: For inward supplies (purchases) made (this is now auto-populated in most cases).
• GSTR-3B: A monthly summary return (primarily used by most businesses).
• GSTR-4: For composition scheme taxpayers.
• GSTR-9: Annual return (for regular taxpayers).
• GSTR-10: For taxpayers whose GST registration has been canceled.
• GSTR-11: For individuals or entities claiming a refund on inward supplies.

Gather the documents required as follows:

• Sales Invoices: Collect details of all the sales made during the month, including GST applied.
• Purchase Invoices: Collect details of all purchases and inputs, including GST paid on them.
• Export Documentation: If you have made exports, ensure the proper documentation is available.
• Other Documents: Any other supporting documents like debit/credit notes, payment vouchers, etc.

Login to the GST portal using your GSTIN and password. You will also need to use an OTP sent to your registered mobile number to authenticate your login. Then prepare and upload GSTR-1 (Sales Return) which includes the following:

• Outward Supply Details: Enter details of your sales transactions, including taxable value, tax rate, and GST collected.
• Invoice Upload: You can either manually enter the sales invoice details or upload the sales invoices in a specified format (Excel/JSON).
• Details of Exempt Sales: Specify exempt, nil-rated, and non-GST supplies separately.
• Return Filing: After entering the data, validate the details, and file the return by clicking on "Submit".

Prepare and upload GSTR-2A/2B (Purchase Return) which includes the following:

• GSTR-2A/2B is auto-generated for businesses based on the purchase details filed by your suppliers.
• You need to verify and match the data from the GSTR-2A/2B with your own records.
• Input Tax Credit (ITC): Ensure that the ITC claimed on purchases matches the details from the suppliers. If there are discrepancies, you need to rectify them with your suppliers.

Prepare and File GSTR-3B (Summary Return) which includes the following:

• GSTR-3B is a monthly summary return where you report your outward supplies and inward supplies.
  • Outward Supply: Enter details of taxable sales, exempt supplies, and the corresponding GST (CGST, SGST, IGST).
  • Input Tax Credit (ITC): Enter the ITC claimed for the month, based on your inward supplies (purchases).
  • Tax Liability: Calculate the total tax liability (output GST - input GST).
  • Payment: After submitting GSTR-3B, pay any tax due.
• Review and File: Ensure all entries are correct, then click "File GSTR-3B".

After filing of GSTR-3B, you will be required to pay any outstanding tax liability either through net banking, credit/debit card, or other approved methods. Once the payment is successful, you will receive a payment confirmation, and your GST return filing will be complete. At the end of every financial year, you must file GSTR-9, the annual return for regular taxpayers. This is a summary of all the returns filed throughout the year (GSTR-1, GSTR-3B, etc.) and ensures that sales, purchases, tax payments, and credits are correctly recorded.

If any discrepancies has been observed in the filed return (before the due date), you can rectify the return by filing an amendment or filing a correction return. After the due date, you may be able to adjust discrepancies in future returns only.

After successful filing, download the acknowledgment receipt and GST return copies for your records, future reference, audits, or inspections. Maintain all your GST-related documents, such as invoices, receipts, tax payments, and filed returns for a minimum of 6 years for future reference or audit purposes.

Due Dates for the Filing of below mentioned returns: - 

• GSTR 1 – 11th of next month 
• GSTR 3B – 20th of next month 
• GSTR 9 – 31st of December every year
• GSTR 5 – 20th of next month (NRTP)
• GSTR 6 – 13th of next month (Input Service Distributor)
• GSTR 7 – 10th of next month (TCS Collector)
• GSTR 8 – 10th of next month (E commerce Operator)
• GSTR 10- within 3 months from date of cancellation or order of cancellation
• GSTR 4 – 30th April when financial year ends (Composition dealer) 
• GSTR 11 – 28th of the same month (Detail of inward supplies if you have a Unique Identification Number)

Why Choose HireYourCA?

Why Choose HireYourCA?

There are several reasons why HireYourCA stands out as your go-to partner for business registrations and compliance:

Experienced and Qualified Team: Our CAs possess extensive knowledge and expertise.

Seamless Service: We handle the entire process, keeping you informed at every step.

Cost-Effective Solutions: Competitive pricing ensures value for your money.

Client-Centric Approach: We prioritize your needs and offer personalized guidance.

Technology-Driven Platform: Our user-friendly online platform enables easy tracking and access to documents.

Transparency and Trust: We maintain complete transparency and adhere to the highest ethical standards.